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Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Nuverra Environmental Solutions were freezing up today, falling as much as 13% after issuing preliminary second-quarter results.

So what: Nuverra, which specializes in the collection and recycling of substances such as waste water for fracking companies and others, said it expects revenue for the quarter to come in at $165.5 million, blaming lower than expected activity levels in its shale solutions segment, bad weather in the Bakken area, and unspecified operational issues in the Eagle Ford area. The company formerly known as Heckmann even cited heavy demand in the Marcellus and Utica shales as a problem since it forced the company to hire subcontractors, which lowered overall margins.

Now what: For a company that once seemed to hold so much promise in the fracking boom, Nuverra continues to disappoint. It's missed earnings estimates three quarters in a row and figures to do so again after significantly lowering its sales forecast. Shares are near an all-time low after today's news, and it's easy to see why. There are reasons to be optimistic about Nuverra, including sequential revenue growth in the Bakken, but this company needs to deliver on the bottom line first. We'll learn more when its full earnings report comes out Aug. 8. Analysts have been expecting a profit of a penny per share.

Nuverra may be struggling, but don't think there aren't any smart plays in the fracking boom. Record oil and natural gas production is revolutionizing the United States' energy position. Finding the right plays while historic amounts of capital expenditures are flooding the industry will pad your investment nest egg. For this reason, the Motley Fool is offering a comprehensive look at three energy companies set to soar during this transformation in the energy industry. To find out which three companies are spreading their wings, check out the special free report, "3 Stocks for the American Energy Bonanza". Don't miss out on this timely opportunity; click here to access your report -- it's absolutely free.

Fool contributor Jeremy Bowman has no position in any stocks mentioned. The Motley Fool owns shares of Nuverra Environmental Solutions and has the following options: long January 2014 $4 calls on Nuverra Environmental Solutions and short January 2014 $3 puts on Nuverra Environmental Solutions. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.